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Madrid Maintains its Strength in the Residential Market, According to Engel & Völkers

The consultancy firm believes that the 3% decline in residential sales last year was "decisively" driven by the belief that the economy may enter a recession. In Barcelona, ​​sales volumes decreased by 7% for new build homes and by 4% for second-hand properties.

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A home being marketed by Engel & Völkers in La Moraleja.

In its traditional annual report, which the residential consultancy firm has presented today, it states that the 3% decrease in residential sales last year was ‘decisively’ driven by the belief of many families that the Spanish economy may soon enter a recession.

Juan-Galo Macià, CEO of Engel & Völkers for Spain, Portugal and Andorra, points out that although “it was not a bad year, political and economic uncertainty affected the residential market, which was also affected by a slowdown in house sales during the months of June and July as a consequence of the entry into force of the new Mortgage Law”.

The consultancy specifies that this report was completed before the State of Emergency was decreed in Spain, and so the forecasts that appear in some of the sections referring to 2020 will suffer significant variations in terms of both price and transaction volumes.

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